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The government could use about 8 billion lei of the pre-financing received through the National Recovery and Resilience Plan (PNRR) to finance the budget deficit and roll over public debt, Economedia calculations show.
Romania has already received an advance of €1.8 billion, or about RON 8.8 billion, in grants through the PNRR. At the same time, our country is to receive pre-financing of €1.94 billion, or 9.5 billion lei, for the loan component, for which the government adopted an emergency ordinance today. In total, Romania will receive an advance of 18.3 billion lei from the NRRP.
At the same time, the Ministry of Investment and European Projects has a budget for 2022 that is 10.5 billion lei higher than this year, thanks to the amounts that are scheduled to come through the PNRR. This includes 10.2 billion lei in budgetary appropriations from projects financed from the non-reimbursable financial assistance amounts related to the PNRR and 322 million lei in projects financed from the amounts related to the loan component of the PNRR.
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As a result, there remains a gap of about 7.8 billion lei from the PNRR which are not foreseen on PNRR projects carried out by the Ministry of Investment and European Projects and which go to finance state budget expenditure.
The Ministry of Finance itself said on Wednesday that there are three major uses for the money it will borrow from the PNRR, namely financing the reforms set out in the Recovery Plan, covering the state budget deficit, and refinancing the government’s public debt, according to a press release.
As a result, the state could use the 7.8 billion lei from the PNRR to finance the budget deficit and public debt.